Within the next mile you have another 3 large nationals.I would call them all and tell them your redoing your house in two months and ask how far ahead you need to reserve a 10 x 15 unit and what the cost is. 

Building reserves for emergencies and creating other contingency arrangements is also a good idea.When I retired I already knew that I had more than enough to retire because I had already been living more than 10 years exclusively on my rental cash flows and building reserves for retirement.

You’ll probably need to budget between 1% and 3% of the rental’s purchase price per year to fix leaky pipes, busted doors, broken windows, and similar items.Then, you’ll need to budget for capex reserves.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

With a 10% down payment, you can still leverage your savings effectively while keeping some liquidity for reserves and future investments.FHA Considerations: If you're considering another FHA loan, keep in mind the FHA rules regarding primary residence occupancy requirements.

While I have some reserve and a HELOC on one of the properties, if something big happens while in school (busted pipes, fire, HVAC goes out, etc..)

From reading your post, it seems that your monthly cashflow might be in the negative with all expenses considered.If you don’t go with the above, then you’ll be dependent on whatever you have set aside for cash reserves to keep the townhouse running.

If I am not reducing the principal, then I will add it to my reserve account.  

Establish a solid reserve fund (3-6 months of rent) to cover unexpected expenses or vacancies, which are inevitable over time.Make sure you're well-versed in local landlord-tenant laws to avoid legal complications.

Look for cash-flow near the 1% rule, hold $10k in cash reserves, and expect 2-4% appreciation.